A Message from the Controller The Association has now jumped forward two very large lengths with a second excellent financial year. As in the previous year, the Association exceeded the very conservative budget goal, this year set for a surplus of $13,518, and, as the financial highlights table shows, did so by a wide margin. The table shows that revenues increased nicely and the organization was successful in maintaining margins and in fact was able to reduce expenses as a percentage of revenues. The investment portfolio had another solid year and the investment mix has stayed the same with the emphasis on capital preservation through the investment in the Bond and Money Markets. The Association continued its modernization plan and in fact invested slightly more in itself than the previous year with the acquisition of Capital Assets, mostly in equipment and computers, for all of the departments across the organization. The Association is financially very sound as the net surplus for the year further increased the very healthy amount of current assets available to pay for liabilities. Once again the Medical Plan surplus increased even though as in the previous year the premiums were held steady with even more services and benefits added to the plan. After two consecutive years of good financial results, the Association has cleaned up its waters and is ready to go after bigger fish in even bigger tanks. We are mindful of the sharks that are out there but with a clear plan and prudent fiscal management and of course with the support and hard work of staff and members, we will be able to swim through any turbulent waters. Roland J. Gagel, CGA Controller
FINANCIAL HIGHLIGHTS
2008
2007
Revenues Increase from previous year Percent Change
$4,178,756 318,391 8.2%
$3,860,366 205,985 5.6%
COGS COGS percent of Revenue
$1,355,321 32.4%
$1,245,749 32.3%
63.3%
63.8%
$183,332 31,437 4.4%
$151,896 270,815 3.9%
57% 23% 20% $1,519,850 6.5%
57% 22% 21% $1,426,842 8.2%
2.98 $105,029 45,162
2.29 $96,991 30,500
Expense as percent of Revenue Net Surplus Increase from previous year As percent of Revenue Investment Mix Bonds Equities Money Market Funds Market Value of Investments Percent Return to May 31 Current Assets to Liabilities Investments in Capital Assets Increase in Medical Plan Surplus